Any shopper who has stepped onto a vehicle sales lot during the coronavirus pandemic has likely noticed at least two things: There are very few cars and they have very high sticker prices.
Amid inflation and fear of a recession, buying a car in this climate is certainly not for the faint of heart.
“If you go by a car dealership these days, you either see a lot of asphalt or you see a lot of used cars in spaces where normally there would be new cars,” said Tyson Jominy, vice president of data and analytics at J.D. Power.
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In January 2015, the average price for a new vehicle sold in the U.S. was $30,694. By February 2022, that number had ballooned by 44% to $44,232.
“So what we see in terms of vehicle prices really stems from that fact that there’s hardly any inventory out there,” Jominy said.
Watch the video for advice on purchasing a car when prices are high and inventory is low.
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